Here’s my summary of the key events overnight that affect New Zealand, with news of a sharp attack on housing troubles in Toronto.

But first, just like Wednesday’s view from the IMF, the airline industry today said a survey of airfreight bosses pointed to expanding trade and expectations that this will grow strongly in the rest of 2017. All regions are seeing this expansion, from emerging economies to the developed world.

China is stepping up the pace of tax cuts, with a second set for 2017 announced overnight. All up, that is tax relief for both individuals and businesses of about NZ$800 bln.

A Canadian province has announced major changes to the regulation of its housing markets. Ontario has instituted a 16-point plan to control a very frothy situation. It includes rent control, a 15% “Non-Resident Speculation Tax”, anti-flipping rules, a ‘vacancy tax’, and a new effort to build more housing to meet local demand.

In Japan, Fujifilm postponed its earnings announcement and said it expected a loss of some US$200 mln over possible accounting irregularities at Fuji-Xerox in New Zealand.

In New York, the UST 10yr yield is back up today and now at 2.24%.

Oil prices are unchanged today and still just under US$50.50 for the US benchmark, while the Brent benchmark is now just under US$53 a barrel.

The gold price is also lower again by another -US$5 and now at US$1,278/oz.

The New Zealand dollar is marginally higher today at 70.1 USc. On the cross rates the Kiwi dollar is at 93.1 AU¢ but against the euro at 65.4 euro cents. The NZ TWI-5 index is just on 75.

If you want to catch up with all the changes yesterday, we have an update here.